Main Responsibilities and Required Skills for an Economist

An Economist is a professional who studies and analyzes the production, distribution, and consumption of goods and services in an economy. They examine economic trends, patterns, and data to provide insights and make predictions about market behavior. In this blog post, we will describe the primary responsibilities and the most in-demand hard and soft skills for Economists.

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Main Responsibilities of an Economist

The following list describes the typical responsibilities of an Economist:

Advise

Advise on market evolution impacts to asset valuations and hedging and risk management.

Analyze

Analyze and interpret economic data for reports and publications.
Analyze consumer behavior and spending patterns.
Analyze economic data to support business decision-making.
Analyze labor market dynamics and employment trends.
Analyze the current and future economic environment.
Analyze the data and develop projections of energy supply and demand.

Apply

Apply AER's people management policies and programs within an inclusive, respectful environment.

Assess

Assess the economic impact of environmental and sustainability initiatives.
Assess the economic impact of proposed projects or policies.
Assess the impact of economic policies and regulations.
Assess the performance of financial markets and investment opportunities.

Assist in

Assist in developing, updating and maintaining routine and simple economic and forecasting models.
Assist in the development and maintenance of macroeconomic models.

Attend

Attend and present at industry conferences and other relevant meetings.

Authorize

Authorize and organize the establishment of major departments and associated senior staff positions.

Build

Build local pricing strategy and ensure implementation in Commercial and Max activities.

Collaborate with

Collaborate with other economists and researchers on projects.
Collaborate with stakeholders on data gathering and analysis for RIAs.
Collaborate with stakeholders to gather and compile data for Regulatory Impact Assessments (RIAs).

Collect

Collect and analyze economic data and statistics.

Communicate

Communicate on a regular basis the results of its analyses to committees planned for this purpose.

Conduct

Conduct cost-benefit analyses and feasibility studies.
Conduct economic impact assessments for specific industries or regions.
Conduct economic research and analysis.
Conduct economic research and publish findings in academic journals.
Conduct economic surveys and interviews with businesses and consumers.
Conduct literature reviews on relevant health economics topics to be studied.
Conduct research and analysis of the COP, including input costs.

Contribute to

Contribute to develop and maintain the Unit's databases, and provide ad-hoc economic modelling.

Coordinate

Coordinate, generate and maintain research reports, presentations and databases.

Create

Create presentations for internal and external audiences to communicate findings and recommendation.

Demonstrate

Demonstrate that you have one full year of specialized experience.

Develop

Develop and conduct research under general supervision.
Develop and maintain key relationships with international nutrition interest groups.
Develop and maintain macroeconomic views for all countries within the AP region.
Develop economic forecasting models using statistical techniques.
Develop economic models and forecasts.
Develop, update and communicate economic research on timberland and farmland investment.
Develop, update, and maintain economic and forecasting models.

Draft

Draft reports and presentations on findings related to historical trends and projected scenarios.

Drive

Drive thought leadership for the region in order to better explore data and economic relationships.

Edit

Edit and manage articles by other economists for Deloitte Insights.

Elaborate

Elaborate pricing strategies.

Enjoy

Enjoy collaborating across teams and business segments to drive value.

Ensure

Ensure you support your self-ratings by the information you provide in your application.

Establish

Establish and maintain professional contacts with key external organisations and delegates.
Establish trust with stakeholders & peers.

Evaluate

Evaluate data requirements, assess and review work conducted by third party consultants.
Evaluate the effectiveness of economic programs and policies.
Evaluate the effects of international trade and globalization.

Gather

Gather information like prices, volumes, trends of existing and future competitors.

Guide

Guide, manage and grow team to unlock their potential & channel it to deliver the best output.

Help

Help lending staff build strong customer relationships by offering key economic insight.
Help shape the global macroeconomic outlook.

Identify

Identify, analyze and communicate market and industry developments that affect business operations.
Identify and analyze economic risks and opportunities.
Identify structured data sources that can provide further value.

Interact with

Interact with journalists.

Interpret

Interpret and forecast market trends.

Lead

Lead a team of direct reports.
Lead, develop, update and maintain economic and forecasting models.
Lead fundamental industry analysis to support financial and strategic planning processes.
Lead the exploration in incorporating alternative data sets into deliverables.

Liaise with

Liaise with external medical professionals.

Maintain

Maintain regular communication with the CEO's office and executive leadership.

Manage

Manage the economy and pricing of virtual goods - balance free content vs paid in game economy.

Model

Model relationships between spend and rewards within the game.

Monitor

Monitor and evaluate market conditions and industry trends.
Monitor and evaluate the performance of economic policies and regulations.
Monitor the agreements and alert the accounts managers.

Oversee

Oversee and conduct RIA analysis and ensure results are relevant and accurate.
Oversee delivery of client commitments, ensure excellence, and drive a customer satisfaction culture.

Participate

Participate on projects with outside vendors.

Perform

Perform optimization to determine the efficient portfolio.

Prepare

Prepare and deliver presentations on economic findings.
Prepare and provide briefings and presentations to senior leadership.
Prepare reports on assigned projects for internal or external use under general supervision.

Present

Present to C-suite / senior management at priority customers within their regions.
Present work to clients and have client calls to discuss recent developments.

Produce

Produce and oversee deliveries of data sets and intelligence.

Propose

Propose and Evaluate incentive mechanisms to align local agent goals with system level.

Provide

Provide advice and guidance to audit teams across the OAG on economic analysis matters.
Provide clear direction so the team works as a cohesive unit.
Provide critical qualitative and quantitative analyses of externally published papers.
Provide economic expertise and testimony in legal proceedings.
Provide economic insights and advice to organizations and policymakers.
Provide exceptional technical team management to diverse members across Canada.

Push

Push the tenet to continue to focus on incrementality.

Refine

Refine fee structures to improve the benefits for customers and sellers.

Report

Report and explain what you have done – verbally, in a written document, or as a presentation.
Report on performance, suggest and implement optimizations.
Report, write, and present historical data and modeled scenarios with support from senior staff.

Represent

Represent the company at committee meetings.

Research

Research, analysis and drafting.
Research and analyse data using mathematical models and statistical techniques.
Research and analyze economic factors affecting specific sectors or markets.
Research and analyze economic indicators such as GDP, inflation, and unemployment.
Research and critically appraise medical and economic literature.
Research and writing expertise required.
Research / business intelligence institution or within the strategy department of a key.
Research policies that impact power market fundamentals and develop views on impacts.

Review

Review and mentor junior staff on technical economic work.
Review load forecasts and long-term resource plans and capital applications.
Review, support, guide, and mentor junior staff on technical work.

Select

Select middle managers, directors or other executive staff.

Set

Set and achieve and exceed targets that move our strategic goals forward.

Share economic knowledge internally and externally through a variety of communication channels.

Simulate

Simulate the system of equations based on the most probable scenario and some alternative scenarios.

Stay updated on

Stay updated on economic theories, methodologies, and trends.

Study

Study and evaluate economic trends and patterns.
Study and predict inflation rates and interest rate movements.

Support

Support and answer client queries as they relate to the sector.
Support a pipeline of future opportunities including managing proposals and pursuits for key clients.
Support senior staff in preparing responses to complex requests.
Support the internal pricing approval process.
Support the KAM / in field market access team members with their numerical needs.

Track

Track record in developing quantitative economic models, with a focus on scenario based analysis.

Translate

Translate complicated data into graphical forms in a clear and insightful manner.

Understand

Understand the theoretical health economic framework and apply this to the project at hand.

Use

Use a number of data visualisation tools to render your analyses.
Use data analysis tools to evaluate experimental results and make recommendations.

Verify

Verify the assumptions used to ensure models are defensible.

Work with

Work collaboratively with colleagues across healthcare disciplines.
Work reflects high quality and standard.
Work very closely with other analysts and teams in the business.
Work with science analyst team to develop macro predictors and indicators.

Most In-demand Hard Skills

The following list describes the most required technical skills of an Economist:

Proficiency in econometric analysis and statistical modeling.
Competence in economic forecasting and trend analysis.
Skill in using economic software and data analysis tools (e.g., Stata, SAS, R).
Knowledge of economic theories and principles.
Proficiency in analyzing and interpreting economic data.
Competence in conducting cost-benefit analysis.
Familiarity with economic modeling and simulation techniques.
Skill in using database management and statistical software (e.g., SQL, Excel).
Competence in economic impact assessment methodologies.
Knowledge of financial markets and investment analysis.
Proficiency in economic research and report writing.
Competence in conducting industry and market analysis.
Familiarity with international trade and economic policy analysis.
Skill in conducting labor market analysis.
Proficiency in conducting consumer behavior analysis.
Knowledge of economic policy evaluation techniques.
Competence in using economic data sources and databases.
Familiarity with environmental and sustainability economics.
Skill in economic modeling and scenario analysis.
Proficiency in economic data visualization techniques.

Most In-demand Soft Skills

The following list describes the most required soft skills of an Economist:

Excellent analytical and critical thinking abilities.
Strong problem-solving skills.
Effective communication and presentation skills.
Proficiency in written and verbal communication.
Collaboration and teamwork in research projects.
Attention to detail and accuracy in data analysis.
Adaptability and flexibility to handle complex economic issues.
Time management and organizational skills.
Ability to work independently and meet deadlines.
Commitment to continuous learning and staying updated on economic trends.

Conclusion

Economists play a crucial role in understanding and interpreting economic phenomena and providing valuable insights for businesses, governments, and organizations. By possessing the necessary hard and soft skills, these professionals contribute to informed decision-making, policy formulation, and economic development.